Hiring a real estate lawyer who is also a title agent is one of the most important decisions you can ever make. While some states require that buyers and sellers use real estate attorneys when purchasing property, Florida is one of the few that does not. It is also one of the few states that do not require title agents to be attorneys, which can lead to complications if any issue arises during a closing, requiring someone knowledgeable in real estate law to protect you. Real estate lawyers are also there to ensure the process goes smoothly and the closing is handled efficiently.
Additionally, a Coral Gables residential real estate lawyer could draft and review contracts. Understanding the legal jargon in contracts may be challenging for those without a solid legal background. A real estate attorney could ensure that you understand all of the terms and their long-term implications. Get in touch with our office today for more information.
In most residential real estate deals, both parties typically have real estate agents working on their behalf. These agents handle several tasks, including participating in contract negotiations. As a result, many people wonder if it is necessary to seek a lawyer’s assistance. While real estate agents are likely familiar with most contract terms and their potential consequences, they cannot explain those terms to their clients. Under Florida law, only attorneys are permitted to provide clients with explanations of those terms. Therefore, clients who want a complete understanding of the contract’s terms may need the help of a Coral Gables residential property lawyer.
Although there is no standard residential real estate contract in the state, many agents use the Residential “As Is” contract, which is approved by the Florida Bar and Florida Realtors. This contract governs the purchase and sale of real estate, including aspects such as:
An attorney’s advice could be essential to understanding the terms of a contract and possible deviations from it.
In addition to handling real estate negotiations, residential real estate lawyers can act as escrow agents. Escrow is common in real estate transactions and involves a third party holding money or other assets on behalf of the parties involved. The escrow agent holds the funds until one party satisfies specific conditions, after which the money is released. A Coral Gables residential real estate attorney could draft escrow agreements, hold earnest money deposits in a trust, and disburse closing funds.
Several distinct provisions may be included in an Escrow agreement. A well-drafted agreement should outline:
When there is a dispute regarding the ownership of a property in escrow, the Florida Real Estate Commission may intervene to resolve the issue. Other potential avenues of resolution might include arbitration, mediation, or litigation.
In addition to buyers, sellers, and escrow agents, most residential real estate deals involve title companies. A Title Agent is responsible for examining the property’s history to ensure that the alleged owners have legal rights to the property and that there are no liens, mortgages, or other clouds on the title that would pass to the new buyer. Many Coral Gables residential real estate attorneys, such as Jacqueline A. Salcines, are both title agents and attorneys, so our clients are protected in all aspects.
For most people, their homes are their most valuable asset. Despite this, the process of buying and selling homes offers limited protections for either party. A Coral Gables residential real estate lawyer could help protect your interests in a property transaction. Retain one of our attorneys today for assistance with the buying or selling process.